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What is this blog about?
In this week’s blog post, we look at the new RICS Global Professional Standard Property Agency and Management Principles, 1st Edition.
This becomes effective from 1 January 2025. This sets both new mandatory (‘must’) and best practice (‘should’) requirements and expectations for RICS members and firms.
You can download a full copy here.
This week's podcast and YouTube videos were narrated expertly by one of our fantastic consultants, Denish Patel MBA FRICS, Head of Property at London Borough of Brent. Find out more about Denish here!
You can also download our BRAND NEW CPD summary sheet to help you to record and reflect on what you learnt, as well as using this to fill out your CPD record for RICS and to plan ahead for future CPD.
Why has new guidance been published?
RICS are condensing five separate pieces of guidance into just three:
These fall within the wider RICS regulatory and guidance framework (including the Rules of Conduct), as detailed below:
RICS also links in existing guidance relating to Ethics, Rules of Conduct and Professionalism, which you can find and download via the RICS website. For example, the Professional Standard relating to Conflicts of Interest.
The new Professional Standard, Property Agency and Management Principles, is the first of the three new pieces of RICS guidance, providing high-level principles for both residential, commercial and mixed-use property management and agency.
The other two Professional Standards are agency and management-specific and have not yet been published.
Who does the new guidance apply to?
The new Professional Standard applies to commercial and residential agents, brokers and property managers. This includes both members and firms.
This covers instructions such as:
Lettings for individuals and corporate clients
Sales
Sales for individuals and corporate clients (although RICS also use the term brokerage for high value residential or commercial properties)
Valuations relating to brokerage work (but not comprising a purchase report which will require a Registered Valuer and Red Book compliance)
Auctioneering
Management
Block management
Tenancy management
Commercial property management
Landlord & tenant / lease advisory
There is a helpful glossary of terms on pages 5-7.
How does the Professional Standard apply globally?
RICS confirm that jurisdiction and legal frameworks will differ across the globe. Legal obligations come first, and if this requires a departure from the Professional Standard then the member or firm must record this in writing.
Where the departure leads to a material impact on the client advice provided, this must also be confirmed in writing and also communicated to the client.
What are some of the key principles of the Professional Standard?
You can read these in full in section 2 of the new Professional Standard. However, they are split into two key categories;
Working with clients
Management businesses and staff
What principles apply to working with clients?
Here are five of the key principles applying to members and firms. Use our summary sheet to record others that are relevant to you and your role:
Do not act dishonestly, deceitfully, manipulatively or misrepresent any matters
Communicate accurately and transparently, including fees, other charges, terms of business, cooling off periods and referral fees/commission
Make reasonable adjustments in service provision where clients, property users or any other key stakeholders are vulnerable
Take all reasonable steps to confirm your client’s identity
Act diligently and with reasonable professional skill and care (i.e., within your scope of competence and experience)
What principles apply to the management of businesses and staff?
Here are five of the key principles applying to members and firms. Use our summary sheet to record others that are relevant to you and your role:
Act honestly, professionally, fairly and accurately, including within marketing, business activities and service provision
Apply policies consistently and reasonably, including having a sustainability policy and managing client money
Keep full and detailed records of all evidence used to inform client advice, including comparable data
Have adequate professional indemnity insurance
Have a written complaints handling procedure
Many of these issues are already covered in existing, far more comprehensive RICS guidance. However, this Professional Standard provides an overview of how to apply them within property management and agency work.
We hope that the specific Professional Standards on both areas of work provide detailed guidance on these issues, as well as the specific processes and issues faced by members and firms.
How can we help?
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.